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Bitcoin’s price hit $29,000 amid a flurry of exchange traded fund (ETF) applications in the United States and newfound institutional interest in facilitating crypto trading.
Per data from CoinGecko, Bitcoin hit $29,012.81 Wednesday, and currently stands at around $28,980, up 7.5% on the day.
The bullish momentum kicked off on June 15 after BlockRock filed an ETF application with the U.S. Securities and Exchange Commission. At the time, Bitcoin was trading at around $25,300.
Since then, Bitcoin has continued its uptrend, rising 11.6% over the week to hit $29,000, riding the wave of ETF applications and institutional support that followed BlackRock’s application.
Riding an institutional wave
Following BlackRock’s application for a spot Bitcoin ETF, asset managers WisdomTree and Invesco followed suit this week.
The launch of EDX markets on Tuesday, a crypto exchange backed by Fidelity, Charles Schwab and Citadel Securities also appears to have strengthen the bullish momentum. EDX currently supports four cryptocurrencies in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Elsewhere in Europe, Germany’s largest bank Deutsche Bank reportedly filed an application with the country’s financial regulator for a crypto custody platform license, adding to the positive sentiment.
The bullish momentum in Bitcoin has also pulled up altcoin prices. ETH reclaimed the $1,800 level, which it lost after the SEC brought fresh lawsuits against Binance and Coinbase earlier this month.
The total market cap of all cryptocurrencies has increased by 6.2% in the last day to hit $1.18 trillion.